中金报告则指出，在需求端逐渐回暖下，作为行业龙头的飞鹤表现值得期待。据行业数据，2019年-2023年度，飞鹤奶粉在中国婴幼儿配方奶粉市场（不含港澳台地区）连续5年销量位居第一，在全球婴幼儿配方奶粉市场连续3年销量第一。同时，旗下星飞帆系列早已成为婴儿奶粉品类全球第一大单品。而据中金分析师预计，2024年飞鹤整体份额有望继续提升。China Feihe (06186) rose more than 11%, with a cumulative price surge of nearly 50% in the past month. As of the time of publication, it rose by 11.01%, closing at 5.85 Hong Kong dollars, with a trading volume of 0.565 billion Hong Kong dollars.
According to the Wise Finance APP, China Feihe (06186) rose more than 11%, with a cumulative price surge of nearly 50% in the past month. As of the time of publication, it rose by 11.01%, closing at 5.85 Hong Kong dollars, with a trading volume of 0.565 billion Hong Kong dollars.
On the news front, Citigroup released research reports indicating the start of a 30-day positive catalyst observation for China Feihe. The bank stated that given the recent macroeconomic policy shift to assist in economic recovery, policies may stimulate births through monthly subsidies. The bank also believes that the Chinese government may introduce new policies to boost milk demand through consumption vouchers, which will help stabilize raw milk prices and reduce biological asset losses. The bank considers the group's dividends still attractive, reiterates a "buy" rating, and raises the target price from 5.2 Hong Kong dollars to 6.3 Hong Kong dollars.
A report from CICC pointed out that with the gradual recovery in demand, Feihe, as an industry leader, is expected to perform well. According to industry data, from 2019 to 2023, Feihe infant formula milk powder ranked first in sales for five consecutive years in the Chinese infant formula milk powder market (excluding Hong Kong, Macau, and Taiwan), and ranked first in global infant formula milk powder sales for three consecutive years. At the same time, its Xingfeifan series has long been the largest single product in the global baby milk powder category. According to CICC analysts, Feihe's overall market share is expected to continue to rise in 2024.
